As the Ethereum ecosystem grows, it will become extremely difficult to scale transaction throughput and reduce costs on Ethereum Layer 1 while maintaining its high security. Over time, various proposals have tried to solve this problem: payment channels, state channels, and Plasma, among others. However, these proposals usually achieve their goals at the expense of security, but it is the emergence of these proposals that makes the Rollup scheme continue to improve.
Omni Network aims to connect different Rollup solutions. By integrating the Ethereum re-pledging protocol EigenLayer and Cosmos SDK into a unified platform, it aggregates Ethereum's modular ecosystem and enables developers to implement all Layer 2 on Ethereum. Build global applications on Ethereum while gaining security from ETH itself. Combining the security of Ethereum with the speed and programmability of Cosmos in this way allows developers to access more users, and users themselves to more easily access new innovative applications.
Features of Omni Network
The current blockchain ecosystem tends to be highly decentralized, and as more and more Layer 2 projects are deployed to the main network, it can be seen that the liquidity network effect of Ethereum is continuously reduced as user funds are isolated in an isolated environment . In addition, many Layer 2 projects plan to build their own Layer 3 ecosystems, which further decentralizes liquidity and users.
The difference between Omni Network and other cross-chain protocols is that Omni Network believes that the current Rollup solution on the Ethereum Layer 2 track has solved the scalability problem of Ethereum, but the interaction between different Rollups cannot be achieved, resulting in liquidity being blocked. Fragmentation and segmentation in different L2 networks not only greatly reduces the user experience, but also makes Ethereum more fragmented than ever.
Therefore, Omni Network aims to become the "Ethereum interoperability infrastructure", providing interoperability for Rollup networks such as Optimism, Arbitrum, zkSync and Starkware, and becoming the core infrastructure for all Rollup networks and modular applications on Ethereum. Seamless, secure cross-Rollup user experience. Overall, there are three characteristics:
Security: Ethereum Restaking
Omni Network uses the Ethereum restakers protocol EigenLayer to achieve security from Ethereum itself while meeting interoperability requirements. The Omni Network consists of validators running both Ethereum nodes and integrated Rollup nodes, through which validators restake ETH and attest to Rollup state updates to facilitate global interoperability.
Omni Network sets a new standard for cross-modular blockchain security. By leveraging the re-staking mechanism, Omni Network is the first blockchain that can be fully customizable and still derive security from Ethereum.
Efficiency: Tendermint Consensus
By utilizing the Tendermint PoS consensus, Omni Network validators can achieve Rollup state consistency an order of magnitude faster than Ethereum Layer 1.
Omni Network uses Tendermint and ETH's re-staking architecture to ensure the rapid settlement of Rollups. By layering on an EVM-compatible programmable/stateful layer, developers can build access to state, transactions, users, and encryption from all Rollups. Asset application. In this way, Omni Network realizes the high speed provided by Tendermint under the premise of ensuring security.
Functionality: Full EVM Compatibility
Additionally, Omni is itself a programmable, stateful platform, so developers can leverage its fast settlement and secure interoperability to build native cross-rollup applications. Omni Network's programmable interoperability will provide economically advantageous cross-Rollup applications through attributes such as multi-Rollup liquidity aggregation, compared to applications that are deployed on different networks and isolated from each other.
Omni's execution layer is EVM-compatible, implemented by Ethermint (an EVM module) on Cosmos, so developers can use their familiar Solidity tools for development. The execution layer includes built-in functionality to access status, messages, and applications from integrated Rollups, creating an experience that seamlessly accesses users and liquidity. By building a programmable interoperability layer, Omni will empower developers to create applications that are globally applicable by default, reducing the complexity of developer operations.
Project progress
Omni Network announced on April 26 this year that it had completed $18 million in financing. Pantera Capital, Two Sigma Ventures, Jump Crypto, Hashed, The Spartan Group, etc. participated in this round of financing. Omni Network stated that its core technology partners include EigenLayer, the Ethereum re-pledging protocol, and Arbitrum, Polygon, StarkWare, Scroll, Linea, the Ethereum Layer 2 expansion network.
Omni Network will launch the Omni Network public testnet in the third quarter of 2023, and plans to launch the first version of the mainnet in 2024 in cooperation with key Rollup partners such as Arbitrum, Polygon zkEVM, Scroll, ConsenSys' Linea, and Starkware.
Prospects for Omni Network Application Scenarios
Although Omni Network has not yet launched a testnet, it aims to achieve a seamless and secure cross-Rollup user experience by modularizing the core infrastructure of applications, which has attracted a lot of attention.
On May 3rd, Omni Network hosted an AMA with the Starkware and Kakarot teams to discuss how Omni Network plans to expand Starknet liquidity and more. Omni Network says Starknet applications will be able to leverage Omni Network’s interoperability infrastructure, pulling more liquidity from the rest of Ethereum into the Starknet ecosystem. This means that without adding complexity to the end-user experience, developers will be able to offer their applications across the entire Ethereum ecosystem, while still maintaining Cairo's performance advantages.
In addition, there are many future application scenarios for Omni Network, such as:
Cross-rollup margin accounts and leveraged trading: post margin on one domain and use that margin to trade on a separate domain;
Multi-rollup NFT Mint: Users of NFT projects can not only be limited to a single ecology, but also allow users to mint NFT from any domain;
Cross-rollup lending: deposit collateral on one domain and borrow against that collateral on another domain;
Cross-rollup liquidity mining: Coordinate all liquidity operations from Omni, moving funds across protocols and domains from one place.
By obtaining security from ETH, Omni Network intends to reconnect the Ethereum ecosystem as a whole, so that projects on Ethereum are no longer limited to a single Rollup, but can find users and liquidity in the entire Ethereum ecosystem ; The overall impact of this method on Ethereum is worth looking forward to.
veDAO is a decentralized investment and financing platform led by DAO. It will be committed to discovering the most valuable information in the industry. It is keen on digging the underlying logic and cutting-edge tracks in the field of digital encryption, so that every role in the organization can fulfill its responsibilities and get paid off.
veDAO is a decentralized investment and financing platform led by DAO. It will be committed to discovering the most valuable information in the industry. It is keen on digging the underlying logic and cutting-edge tracks in the field of digital encryption, so that every role in the organization can fulfill its responsibilities and get paid off.
IOS
Android